Sensex lower by 345 points, Nifty ends below 10,500

12 November 2018

Market at close: The market ended on the negative note on Monday with Nifty slipped below 10,500 level.

Midcap and smallcap has performed in line with the major indices. Among the sector, automobiles, PSU bank were down more than 2 percent, while metal, pharma, infra and energy stocks were among the major losers.

The Sensex is down 299.50 points at 34859.05, while Nifty is down 91.70 points at 10493.50. About 996 shares have advanced, 1493 shares declined, and 146 shares are unchanged.

Result reaction: Shares of Rashtriya Chemicals and Fertilisers (RCF) gained 3 percent as company reported 64.8 percent jump in its Q2FY19 net profit at Rs 17.8 crore on the back of strong operating performance. The company had reported net profit at Rs 10.8 crore in a year ago period.

Revenue of the company was up 29.2 percent at Rs 2,321.5 crore against Rs 1,797.3 crore.

Nomura on Dr Reddy’s Laboratories

Research firm Nomura believes that the severity of observations issued by the US Food and Drug Administration (FDA) were lower as compared to previous inspections.

The concern area is that five out of eight observations were recorded as repeat. It doesn’t expect an escalation into an import alert as a base case.

Going forward, resolution of Duvvada warning letter is likely only in the second half of this fiscal year.

Nomura has a buy rating on the stock, with a target at Rs 2,704.

Buzzing: Shares of NMDC fell more than 2 percent intraday Monday as company's board meeting postponed to November 13, 2018.

The meeting of the board of directors of the company had scheduled on November 12 to consider, approve and take on record the unaudited financial results of the company for the quarter and half year ended September, 30 2018.

The meeting has now postponed to November 13, 2018 to consider financial results of the company.

BUZZING STOCK: Shares of Tata Motors are down around 2 percent on Monday morning as investors turned wary of JLR sales for October.

It touched an intraday high of Rs 194.85 and an intraday low of Rs 191.10.

Sales in China decreased by 49 percent as market conditions remained challenging amid tariff changes and continued trade tensions with the US, which are impacting consumer confidence and automotive purchases, Tata Motors said in a regulatory filing.

Market opens: Indices have seen a positive start on Monday morning, with the Sensex rising over 100 points, while the Nifty rose above 10,600.

Among sectors, IT, banks, pharmaceuticals and automobiles are in the green. The Nifty Midcap index is up quarter of a percent.

The Sensex is up 103.65 points or 0.29% at 35262.20, while the Nifty is higher by 29.30 points or 0.28% at 10614.50. The market breadth is positive as 408 shares advanced, against a decline of 126 shares, while 38 shares were unchanged.

Shares of Yes Bank, Bharti Airtel, HCL Tech and Cipla are the top gainers, while Tata Motors and HPCL have lost the most.

Market at pre-open: Equity benchmarks are trading in the green in pre-opening, with the Nifty around 10,600.

The Sensex is up 107.85 points or 0.31% at 35266.40, while the Nifty is higher by 16.80 points or 0.16% at 10602.00.

The Indian rupee fell in the early trade on Monday. It has opened lower by 23 paise at 72.72 per dollar versus Friday's close 72.49.

Shares of Titan are under pressure, down around 2 percent in the pre-opening trade so far.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 31 points or 0.29 percent. Nifty futures were trading around 10,591-level on the Singaporean Exchange.

Dollar Update: The dollar built on last week’s gains and rose towards as 16-month high on Monday as traders expect the US Federal Reserve to keep tightening monetary policy, reported Reuters.

Crude Update: Oil prices rose by about one percent on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen crude decline by 20 percent since early October, reported Reuters.

Nov 12, 7:57 AM (IST)

Wall Street ends lower: Wall Street’s three major stock indexes lost ground on Friday, after a week of recovery from the October sell-off, as oil prices fell further and more evidence of a slowing Chinese economy was reported.